"The best option for this country to keep a lid on gas prices is to produce more gas domestically.

"There's a lot of gas in Australia and if we get it right it can really underpin the Australian economy for generations to come, as exactly what's happening in the United States today.

"That economy is booming on the basis of low-cost energy."

The sector contributed $55 billion to the Queensland economy in the seven years to 2018, a report reveals.

Mr Banks made the comments at a Queensland Media Club event yesterday to mark 10 years since the Bligh Government first released plans to develop the state's liquefied natural gas industry.

The event coincided with the release of a report that revealed the petroleum and gas industry delivered $55 billion to the Queensland economy between 2011 and 2018.

The sector supported 4606 full-time jobs and directly contributed $54.5 billion to the Queensland economy, the report prepared for the Australian Petroleum Production and Exploration Association by Lawrence Consulting revealed.

Association CEO Andrew McConville attributed the strength of the industry in Queensland to "very fortunate" support on both sides of politics.

"It's up to every one of us in the room to really drive that... to make sure that bipartisan support remains because otherwise the industry will find itself in very, very difficult waters," he said.

Ian Davies, CEO of growing exploration company Senex, said lifting restrictions on onshore gas exploration and drilling in Victoria and New South Wales would improve the health of the national industry.

"It really is a very very difficult state of affairs when you've got some states doing the heavy lifting and Queensland is a classic example of that, producing a huge amount of gas supply for the entire east coast," he said.

"Lifting moratoria from the likes of Victoria and NSW would be an amazing start."

Mr Banks was "very optimistic" the NSW government would decide within months whether to grant Santos approval to progress its proposed $3 billion gas project at Narrabri.

Its approval, which could supply up to half NSW's gas needs, would not affect the company's investment profile in Queensland.

"If NSW works it would be nice to have some challenges around choices," he said

"We'd love to have some really good investment opportunities in NSW as well as we have in Queensland, South Australia and the Northern Territory."